May be I need to upload the updated version & once approved then I could goto the pricing tab to increase the Price tier.
Sounds like a good plan.
If you have a specific availability date set for your app, you can also set the pricing schedule to match that.
But be very careful! Setting the availability date to some time in the future can cause the current version to disappear from the App Store. This is one of a number of iTunes Connect settings that applies to all versions of an app and not just the specific version for which you are editing the information (unlike settings such as 'Version Number' and 'What's New In This Version', which are version-specific).